A growing financial scam: Criminals are convincing victims to withdraw money from bank accounts, purchase gold bars or coins, and hand them over to couriers who promise to keep the assets safe.
Impersonating trusted authorities: Scammers often pose as FBI agents, Federal Trade Commission officials, bank fraud investigators or other authorities, claiming victims' accounts are at risk.
Once the gold is gone, recovery is difficult: Authorities warn that legitimate government agencies and financial institutions will never instruct consumers to buy gold and give it to a courier for safekeeping.
This scam has been around for several months, but it’s still victimizing the public so it’s important to spread the word. Criminals continue to tell victims their savings are at risk and the best way to protect their money is to buy gold and hand it over to a stranger for safekeeping.
The scheme, sometimes called a gold courier scam, relies on fear, deception and the appearance of official authority. Victims may believe they are cooperating with a government investigation or protecting their retirement savings from criminals.
In reality, they are delivering their money directly to the criminals.
Unlike many traditional scams that demand wire transfers, cryptocurrency payments or gift cards, this operation involves something tangible: gold bars and coins that can be carried away and quickly resold.
How the scam works
The scheme often begins with an unexpected phone call, text message, email or computer pop-up warning that something is wrong with a consumer's finances.
The caller may claim to represent a bank's fraud department, the FBI, the FTC or another government agency.
The victim is told that criminals have compromised their accounts, that their identity has been stolen or that their money could be seized as part of a criminal investigation.
The supposed solution is to move the money into a more secure form. The scammer instructs the victim to withdraw funds from a bank account, sometimes in multiple transactions, and use the money to purchase physical gold.
The victim may be directed to a particular precious metals dealer or told exactly how much gold to purchase.
Once the purchase is complete, the scammer arranges for a courier to collect it. The exchange may take place at the victim's home, in a parking lot or another public location.
The courier may provide a password or code to make the transaction appear legitimate.
Victims are assured that the gold is being transferred to a secure government facility or protected account and will eventually be returned. Instead, the courier disappears with the gold.
Why criminals are using gold
Gold offers several advantages to scammers. Unlike bank transfers, which may sometimes be stopped or traced, physical gold can change hands without leaving the same kind of electronic trail.
Once collected, gold can be melted down, resold or transferred through intermediaries, making recovery especially challenging.
The scheme also exploits gold's reputation as a safe investment. Many Americans, particularly retirees, view precious metals as a way to protect wealth during periods of economic uncertainty.
Scammers turn that perception against their victims, claiming that purchasing gold is the only way to safeguard their assets.
The criminals may also coach victims on what to tell bank employees or precious metals dealers if anyone questions the unusual withdrawals or purchases.
That secrecy is a critical part of the operation. Victims may be warned that discussing the transaction could jeopardize a federal investigation.
Millions of dollars have already been lost
The scale of the fraud is significant. According to the FBI's Boston office, investigators documented at least 1,737 cases nationwide involving couriers collecting cash or gold between 2023 and May 2025. Reported losses totaled approximately $186 million.
In New England alone, the FBI documented 103 cases involving more than $26 million in losses. About 98% of those losses were reported by people over age 60.
A 2026 U.S. Treasury report provides another measure of the problem. It says victims reported 525 gold-bar fraud incidents to the FBI in 2024, with losses exceeding $219 million — an average of more than $417,000 per incident.
Recent federal prosecutions illustrate how the operations work. In March 2026, federal prosecutors in Missouri announced charges against three people accused of participating in an $8 million scheme targeting older Americans. According to the indictment, victims were told their financial accounts had been compromised and were instructed to liquidate retirement savings, buy gold and surrender it to supposed government couriers.
In another case, federal authorities in Hawaii arrested a suspected courier in July. Prosecutors alleged that scammers impersonating U.S. Marshals persuaded an older woman to hand over nine gold bars worth more than $137,000. They then pressured her to liquidate an additional $429,000 from her retirement account before authorities intervened. The allegations had not been proven in court at the time of the announcement.
How to avoid becoming a victim
The Federal Trade Commission says the most important warning sign is any request to move money or purchase precious metals to protect financial assets.
Consumers should take several precautions:
Never hand gold or cash to a courier. Government agencies do not arrange private pickups to safeguard personal savings.
Be suspicious of unexpected calls. Even if a caller claims to represent a familiar institution, hang up and contact the organization using a verified telephone number.
Don't let anyone pressure you into secrecy. Claims that you must keep a transaction confidential because of a federal investigation are a major warning sign.
Talk with someone you trust. Before withdrawing substantial savings or purchasing gold, consult a family member, financial adviser or bank representative.
Report suspicious activity immediately. Contact local police, the FBI's Internet Crime Complaint Center atIC3.gov or the FTC atReportFraud.ftc.gov.
The FTC emphasizes that no legitimate government agency will instruct consumers to withdraw money, buy gold or deliver valuables to strangers.
For consumers who have already purchased gold but have not handed it over, authorities recommend ending contact with the scammers and notifying law enforcement. Anyone who has already surrendered gold should report the incident immediately and preserve messages, telephone numbers, receipts and other evidence.